TCM Group A/S

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 1 of 19

TCM Group Management’s review

Interim report Q3 2025 (July 1 – September 30)

(All figures in brackets refer to the corresponding period in 2024.)

Delivering stable sales growth and gross margin improvements despite a volatile market.

CEO Torben Paulin:

“Sales in the third quarter developed in line with our expectations, with growth recorded in both the B2B and B2C

segments. Total sales for the quarter increased by 4% year-on-year to DKK 289 million, corresponding to organic

growth of 3%.

Order intake improved during the quarter, with high single-digit growth in the core business overall and double-

digit growth in the B2C segment. In the B2B segment, project orders declined slightly compared to the prior year,

while orders from builders of turnkey residential houses showed a strong positive trend.

The gross margin increased to 21.4% in Q3, up from 20.3% in Q3 2024, primarily driven by higher average selling

prices, helped by the change in sales mix and continued efficiency gains in production and the supply chain.

Adjusted EBIT was broadly unchanged year-on-year at DKK 16.6 million, compared to DKK 16.7 million in Q3

2024, corresponding to an adjusted EBIT margin of 5.8% (Q3 2024: 6.0%). Operating costs increased during the

quarter, mainly as a result of the acquisition of retail stores earlier in the year, which exceeded the additional gross

profit contributed by these operations. The acquired retail stores will be spun off as soon as we have found suitable

new franchisees to run the stores and thus the increase in operating costs should be of a temporary nature.

Free cash flow amounted to DKK 4 million in Q3, compared to DKK 6 million in the same period last year. The

decrease was primarily attributable to adverse working capital development, driven by retail operations and higher

inventory levels. CAPEX totaled DKK 7.9 million (Q3 2024: DKK 7.6 million), mainly related to the ongoing

ERP implementation project.

Considering the results for the first nine months of the year and the current trend in order intake during Q3, TCM

Group is narrowing its full-year 2025 guidance. The company now expects revenue in the range of DKK 1,260–

1,280 million (previously DKK 1,250–1,300 million) and adjusted EBIT in the range of DKK 93–100 million

(previously DKK 90–110 million).

TCM takes full ownership of Celebert 25 November 2025. Celebert is included in our consolidated figures for

December month. It is assessed to have an insignificant effect on the 2025 TCM figures.”

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 2 of 19

Financial highlights Q3 2025

• Revenue DKK 288.9 million (DKK 277.7 million), corresponding to a growth of 4.1%

• Adjusted EBITDA DKK 25.4 million (DKK 26.0 million). The adjusted EBITDA margin was 8.8%

(9.4%)

• Adjusted EBIT DKK 16.6 million (DKK 16.7 million). The adjusted EBIT margin was 5.8% (6.0%)

• Non-recurring items had a total impact of DKK 0.0 million (DKK 0.0 million)

• EBIT DKK 16.6 million (DKK 16.7 million), corresponding to an EBIT margin of 5.8% (6.0%)

• Net profit DKK 9.6 million (DKK 8.8 million)

• Free cash flow DKK 4.2 million (DKK 6.0 million)

• Cash conversion ratio 75.0% (119.1%)

Financial highlights 9 months 2025

• Revenue DKK 946.1 million (DKK 902.4 million), corresponding to a growth of 4.8%

• Adjusted EBITDA DKK 94.0 million (DKK 87.1 million). The adjusted EBITDA margin was 9.9%

(9.7%)

• Adjusted EBIT DKK 67.4 million (DKK 60.5 million). The adjusted EBIT margin was 7.1% (6.7%)

• Non-recurring items had a total impact of DKK 0.0 million (DKK 0.0 million)

• EBIT DKK 67.4 million (DKK 60.5 million), corresponding to an EBIT margin of 7.1% (6.7%)

• Net profit DKK 43.9 million (DKK 34.7 million)

• Free cash flow DKK 32.7 million (DKK 44.4 million)

• Cash conversion ratio 75.0% (119.1%)

• Full-year guidance for the financial year 2025 is revenue in the range DKK 1,260-1,280 million with

earnings (adjusted EBIT) in the range of DKK 93-100 million.

Contact

For further information, please contact:

CEO Torben Paulin +45 21210464

IR Contact – ir@tcmgroup.dk

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 3 of 19

Key figures and ratios

DKK million Q3 2025 Q3 2024 9mth 2025 9mth 2024 FY 2024

Income statement

Revenue

288.9

277.7

946.1

902.4

1,203.8

Gross profit

61.8

56.3

209.4

187.7

255.4

Earnings before interest, tax, depreciation and amortisa-

tion (EBITDA)

25.4

26.0

94.0

87.1

125.9

Adjusted EBITDA

25.4

26.0

94.0

87.1

125.9

Earnings before interest, tax and amortisation (EBITA)

19.1

18.8

74.8

66.6

98.8

Adjusted EBIT

16.6

16.7

67.4

60.5

90.3

Operating profit (EBIT)

16.6

16.7

67.4

60.5

90.3

Financial items

(4.4)

(6.9)

(13.5)

(21.6)

(26.6)

Profit before tax

12.3

11.0

55.9

43.2

69.4

Net profit for the period

9.6

8.8

43.9

34.7

57.7

Balance sheet

Total assets

1,289.9

1,211.3

1,289.9

1,211.3

1,206.5

Net working capital (NWC)

7.7

0.6

7.7

0.6

(14.3)

Net interest-bearing debt (NIBD)

348.9

329.4

348.9

329.4

316.2

Equity

594.7

566.2

594.7

566.2

589.5

Cash flow

Free cash flow excl. acquisition of entities

4.2

6.0

32.7

44.4

58.9

Cash conversion, % (LTM)

75.0%

119.1%

75.0%

119.1%

84.3%

Growth ratios

Revenue growth, %

4.1%

7.4%

4.8%

16.0%

11.0%

Gross profit growth, %

9.9%

22.7%

11.6%

27.2%

18.4%

Adjusted EBIT growth, %

(0.6%)

572.4%

11.4%

59.9%

62.4%

EBIT growth, %

(0.6%)

810.2%

11.4%

85.1%

97.2%

Margins

Gross margin, %

21.4%

20.3%

22.1%

20.8%

21.2%

Adjusted EBITDA margin, %

8.8%

9.4%

9.9%

9.7%

10.5%

Adjusted EBIT margin, %

5.8%

6.0%

7.1%

6.7%

7.5%

EBIT margin, %

5.8%

6.0%

7.1%

6.7%

7.5%

Other ratios

Solvency ratio, %

46.1%

46.7%

46.1%

46.7%

48.9%

Leverage ratio

2.56

2.78

2.56

2.78

2.50

NWC ratio, %

0.6%

0.0%

0.6%

0.0%

(1.2%)

CapEx ratio excl. acquisitions, %

1.1%

0.6%

1.5%

1.0%

1.7%

Share information

Number of outstanding shares

10,331,741

10,440,587

10,331,741

10,440,587

Weighted average number of outstanding shares

10,328,521

10,440,587

10,355,091

10,439,819

10,440,012

Number of treasury shares

181,897

73,051

181,897

73,051

Earnings per share before dilution, DKK

0.93

0.84

4.24

3.32

5.52

Earnings per share after dilution, DKK

0.92

0.84

4.23

3.32

5.51

Reference is made to the consolidated financial statements for 2024 prepared in accordance with IFRS for definitions of key figures and ratios.

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 4 of 19

Business review

(All figures in brackets refer to the corresponding period in 2024.)

Revenue in Q3 was DKK 288.9 million, compared to DKK 277.7 million in Q3 2024, representing an increase of

4.1%, including an organic increase of 2.7%.

TCM Group’s primary market, Denmark, accounted for 81.5% of Group revenue in Q3 2025. Revenue in Denmark

was up 3.5% compared to Q3 2024, reaching DKK 235.4 million, with organic growth of 1.8%. The organic

growth was supported by modest growth in the B2C segment, while elements within B2B also delivered growth

during the quarter.

Order intake developed positively in B2C, and the B2B segment experienced solid growth in the quarter, mainly

driven by increased orders from housebuilders, in line with higher activity in residential new builds.

Revenue in Norway increased by 7.0% compared to Q3 2024, reaching DKK 50.6 million, continuing the positive

trend from the first two quarters of the year. Order intake in Q3 was largely flat year-on-year. Revenue in other

countries increased by 1.4% in the quarter to DKK 2.9 million.

The gross margin rose to 21.4% in Q3, compared to 20.3% in Q3 2024, driven by higher average selling prices

and efficiency gains in production and the supply chain.

At the end of Q3 2025, the total number of branded stores was 111 (compared to 114 in the same period last year).

The total number of employees at the end of the quarter was 520 (compared to 489 in the same period last year),

with the majority of the increase attributable to the acquisition of retail stores in Q1 and Q3, which combined

added 26 employees to the organisation.

Other events in Q3 2025

On 6 August 2025 TCM Group entered into an agreement to acquire the remaining 55% of the shares in Celebert ApS,

cf. company announcement no. 229/2025.

As of 1 September 2025, TCM Group acquired two smaller retail stores, AUBO Esbjerg and Nettoline Kolding. The

combined purchase price amounted to DKK 0.8 million, which, according to the preliminary PPA, corresponded to

the fair value of the acquired assets.

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 5 of 19

Events after the reporting period

On 10 November 2025, TCM Group agreed on the final purchase price with the seller for the remaining 55% of shares

in Celebert ApS. The agreed purchase price amounts to DKK 80 million. On 19 November the Danish competition

authorities approved the transaction, and we expect it to close 25 November.

No other events of importance to the consolidated interim financial statements have occurred after the reporting period.

Financial outlook

Considering the results for the first nine months of the year and the current trend in order intake during Q3, TCM

Group is narrowing its full-year 2025 guidance. The company now expects revenue in the range of DKK 1,260–

1,280 million (previously DKK 1,250–1,300 million) and adjusted EBIT in the range of DKK 93–100 million

(previously DKK 90–110 million).

TCM takes full ownership of Celebert 25 November 2025. Celebert is included in our consolidated figures for

December month. It is assessed to have an insignificant effect on the 2025 TCM figures.

Forward-looking statements

This interim report contains statements relating to the future, including statements regarding TCM Group’s future

operating results, financial position, cash flows, business strategy and plans for the future. The statements are

based on Management’s reasonable expectations and forecasts at the time of the disclosure of the report. Any such

statements are subject to risks and uncertainties, and a number of different factors, many of which are beyond

TCM Group’s control, could mean that actual performance and actual results will differ significantly from the

expectations expressed in this interim report. Without being exhaustive, such factors comprise general economic

and commercial factors, including market and competitive matters, supplier issues and financial issues.

Significant risks in the Group

TCM Group is exposed to strategic, operating and financial risks, which are described in Management’s review

and note 3 of the 2024 Annual Report prepared in accordance with IFRS. Broader macroeconomic factors, includ-

ing an economic downturn, heightened cyber risks, or a widespread financial crisis, may directly or indirectly

impact the Group’s performance, adversely affecting both revenue and profitability. The continued macroeco-

nomic uncertainty, exemplified by the sustained low level of housing construction in the project market, persists

in exerting pressure on the Group’s operating environment. TCM Group has no direct impact from the current

changes in global tariffs.

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 6 of 19

Financial review

(All figures in brackets refer to the corresponding period in 2024.)

Revenue

In Q3 2025, revenue increased by 4.1% to DKK 288.9 million (DKK 277.7 million). Organically revenue increased

by 2.7%.

Revenue in Denmark in Q3 2025 was DKK 235.4 million (DKK 227.5 million), corresponding to an increase of

3.5%. Revenue in Norway was up 7.0% to DKK 50.6 million (DKK 47.3 million) and revenue in other countries

was DKK 2.9 million (DKK 2.9 million).

Total revenue for the first nine months of 2025 was up 4.8% to DKK 946.1 million (DKK 902.4 million), with

an organic growth of 3.2%. Revenue in Denmark for the first nine months of 2025 was up 4.3% to DKK 756.8

million (DKK 725.3 million), while revenue in Norway for the first nine months of 2025 was up 7.7% to DKK

181.0 million (DKK 168.0 million).

Revenue in other countries for the first nine months of 2025 was DKK 8.3 million (DKK 9.1 million).

Gross profit

Gross profit in Q3 2025 was DKK 61.8 million (DKK 56.3 million), corresponding to a gross margin of 21.4%

(20.3%).

Gross profit for the first nine months of 2025 was DKK 209.4 million (DKK 187.7 million), corresponding to a

gross margin of 22.1% (20.8%).

Operating expenses

Operating expenses in Q3 2025 were up 12% to DKK 47.4 million (DKK 42.2 million) and represented 16.4% of

revenue (15.2%). The increase in operating expenses was primarily attributable to the inclusion of the Svane

Køkkenet stores in Aalborg and Hjørring, as operating expenses on a comparable basis increased by only 2%.

The acquired retail stores will be spun off as soon as we have found suitable new franchisees to run the stores and

thus the increase in operating costs should be of a temporary nature. In the short term we expect the store perfor-

mance to improve in the fourth quarter, as a result of various operational changes implemented in the previous

months.

Operating expenses for the first nine months of 2025 were DKK 149.0 million (DKK 134.3 million). Operating

expenses represented 15.8% of revenue for the first nine months in 2025 (14.9%), again with the inclusion of the

two retail stores as a major contributing factor to the increase.

Other income

Other income in Q3 2025 amounted to DKK 2.2 million (DKK 2.6 million), and included income from salary

subsidies and reimbursements, as well as certain types of marketing subsidies.

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 7 of 19

Other income for the first nine months of 2025 was DKK 7.1 million (DKK 7.2 million).

Adjusted EBITDA

Adjusted EBITDA in Q3 2025 was DKK 25.4 million (DKK 26.0 million), corresponding to an adjusted EBITDA

margin of 8.8% (9.4%).

Adjusted EBITDA for the first nine months of 2025 was DKK 94.0 million (DKK 87.1 million), corresponding to

an adjusted EBITDA margin of 9.9% (9.7%).

EBIT

EBIT in Q3 2025 was DKK 16.6 million (DKK 16.7 million), corresponding to an EBIT margin of 5.8% (6.0%).

The decrease was due to the lower EBITDA. Depreciation and amortisation in Q3 2025 amounted to DKK 8.8

million (DKK 9.2 million).

EBIT for the first nine months of 2025 increased to DKK 67.4 million (DKK 60.5 million). The increase was due

to the increase in EBITDA. Depreciation, amortisation and impairment charges totalled DKK 26.6 million (DKK

26.6 million).

Net profit

Net profit in Q3 2025 increased to DKK 9.6 million (DKK 8.8 million). Net financial expenses in Q3 2025 were

DKK 4.4 million compared to DKK 6.9 million in Q3 2024, due to lower interest charges as a result of lower

interest rates and lower foreign exchange rate losses related to the NOK.

Net profit for the first nine months of 2025 increased to DKK 43.9 million (DKK 34.7 million). Net financial

expenses were DKK 8.1 million lower than in 2024, primarily due to lower interest rates and lower foreign ex-

change rate losses.

Free cash flow

Free cash flow in Q3 2025 was DKK 4.2 million (DKK 6.0 million). Compared to Q3 2024, free cash flow in Q3

2025 was negatively impacted by the development in net working capital in the quarter, which was more negative

in Q3 2025 at DKK -20.3 million compared to DKK -12.6 million in Q3 2024. Free cash flow was positive im-

pacted by dividend received from Celebert ApS of DKK 6.8 million in Q3 2025.

Investments were DKK 7.9 million in Q3 2025, compared to DKK 7.6 million in Q3 2024. The investments related

primarily to digitalisation and the purchase of a new lacquering facility.

Free cash flow for the first nine months of 2025 was DKK 32.7 million (DKK 44.4 million).

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 8 of 19

Net working capital

Net working capital at the end of Q3 2025 was DKK 7.7 million (DKK 0.6 million) and the NWC ratio was 0.6%

(0.0%).

End of Q3

DKKm

2025

2024

Inventories

102.2

92.3

Trade and other receivables

142.9

113.7

Operating liabilities

(237.4)

(205.5)

Net working capital

7.7

0.6

NWC ratio

0.6%

0.0%

The increase in inventories of DKK 9.9 million was partly due to the acquisition of two Svane Køkkenet stores in

Q1, combined with a higher inventory level at the factories for certain high-demand components, where immediate

availability was considered important to reduce production delays caused by stock shortages.

Trade and other receivables increased by DKK 29.2 million in the quarter, primarily due to a change in sales mix

towards customers with longer payment terms, and due to the acquisition of own operated retail stores in Q1 and

Q3. Other receivables are measured excluding the value of short-term lease receivables of DKK 6.2 million, as

these are not considered part of net working capital.

Operating liabilities increased by DKK 30.2 million compared to Q3 2024, primarily due to higher trade payables

and other payables following the acquisition of own operated retail stores in Q1 and Q3, and improved accounts

payables management.

Net interest-bearing debt

Net interest-bearing debt amounted to DKK 348.9 million at the end of Q3 2025 (DKK 329.4 million).

The leverage ratio, measured as net interest-bearing debt excluding tax liabilities divided by adjusted EBITDA

LTM, was 2.56 at the end of Q3 2025 (2.78).

Equity

Equity at the end of Q3 2025 amounted to DKK 594.7 million (DKK 566.2 million) and the solvency ratio was

46.1% (46.7%).

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 9 of 19

Additional information

Financial calendar

The financial year covers the period 1 January – 31 December, and the following dates have been fixed for releases

etc. related to the financial year 2025:

26 February 2026 Interim report Q4 2025 and Annual Report 2025

9 April 2026 Annual General Meeting

Presentation

The interim report will be presented on Tuesday 25 November 2025 at 9:30 CET in a teleconference that can be

followed on TCM Group’s website or at: https://edge.media-server.com/mmc/p/zytkbocx

To participate in the teleconference, and thus have the possibility to ask questions, participants are required to

register in advance using the link below. Upon registering, each participant will be provided with dial-in numbers

and a unique PIN.

Online registration for the call:

https://register-conf.media-server.com/register/BI784ef4aab55e44a780f6a9775a2b77ea

About TCM Group A/S

TCM Group is Scandinavia’s third-largest kitchen manufacturer, with a major part of its business concentrated in

Denmark. The product offering includes cabinets, table tops and storage.

Manufacturing is generally carried out in-house, and more than 90% is manufactured to a specific customer order.

Production sites are located in Denmark, with four factories in Tvis and Aulum (in the western part of Denmark).

The Group pursues a multi-brand strategy, under which the main brand is Svane Køkkenet and the secondary

brands are Tvis Køkken, Nettoline, AUBO and private label. Combined, the brands cater for the entire price range.

Products are mainly marketed through a network of franchise stores and independent kitchen retailers. Further-

more, TCM Group is a supplier to the 45% owned e-commerce kitchen business Celebert, which operates under

the brands kitchn.dk, billigskabe.dk, Celebert and Just Wood.

Company information

TCM Group A/S

Skautrupvej 16

7500 Holstebro, Denmark

Company registration no.: 37 29 12 69

Phone: +45 97435200

Internet: investor-en.tcmgroup.dk

E-mail: ir@tcmgroup.dk

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 10 of 19

Consolidated interim financial statements

Consolidated income statement

Q3

9 months

DKKm

Note

2025

2024

2025

2024

Revenue

2

288.9

277.7

946.1

902.4

Cost of goods sold

(227.1)

(221.4)

(736.7)

(714.7)

Gross profit

61.8

56.3

209.4

187.7

Selling expenses

(27.6)

(23.7)

(87.5)

(76.1)

Administrative expenses

(19.7)

(18.5)

(61.6)

(58.3)

Adjustment of contingent payment obligation

0.0

Other operating income

2.2

2.6

7.1

7.2

Operating profit

16.6

16.7

67.4

60.5

Share of profit in associates

0.0

1.1

2.0

4.3

Financial income and expenses

(4.4)

(6.9)

(13.5)

(21.6)

Profit before tax

12.3

11.0

55.9

43.2

Tax for the period

(2.7)

(2.2)

(11.9)

(8.5)

Net profit for the period

9.6

8.8

43.9

34.7

Earnings per share before dilution, DKK

0.93

0.84

4.24

3.32

Earnings per share after dilution, DKK

0.92

0.84

4.23

3.32

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 11 of 19

Consolidated statement of comprehensive income

Q3

9 months

DKKm

2025

2024

2025

2024

Net profit for the period

9.6

8.8

43.9

34.7

Other comprehensive income

Items that are or may be reclassified subse-

quently to the income statement

Value adjustments of currency hedges before tax

(0.9)

0.4

(0.2)

1.5

Tax on value adjustments of currency hedges

0.2

(0.1)

0.0

(0.3)

Other comprehensive income for the period

(0.7)

0.3

(0.2)

1.2

Total comprehensive income for the period

8.8

9.1

43.8

35.9

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 12 of 19

Consolidated balance sheet

30 September

31 Dec.

DKKm

Note

2025

2024

ASSETS

Intangible assets

Goodwill

412.0

Brands

176.1

177.6

177.2

Customer contracts

36.8

41.6

40.4

Other intangible assets

4.9

1.4

7.6

Other intangible assets in progress

82.6

51.7

54.9

712.4

684.3

692.1

Property, plant and equipment

Land and buildings

125.2

126.7

127.4

Property, plant and equipment under construction and prepay-

ments

0.0

4.3

10.7

Machinery and other technical equipment

67.2

52.8

53.3

Equipment, tools, fixtures and fittings

5.2

5.5

5.1

Right-of-use assets

42.5

39.4

39.5

240.1

228.7

236.0

Financial assets

Investments in associates

45.1

47.8

49.8

Lease receivables

1.4

8.9

7.6

Other financial assets

3.3

11.0

8.2

49.8

67.7

65.6

Total non-current assets

1,002.3

980.6

993.7

Inventories

102.2

92.3

89.1

Current receivables

Trade receivables

127.3

93.5

57.9

Lease receivables

6.2

7.5

6.7

Receivables from associates

4.1

1.7

1.9

Other receivables

10.2

9.3

26.4

Prepaid expenses and accrued income

1.4

0.0

1.7

149.1

112.1

94.6

Cash and cash equivalents

36.3

26.3

29.1

Total current assets

287.6

230.7

212.8

Total assets

1,289.9

1,211.3

1,206.5

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 13 of 19

Consolidated balance sheet

30 September 31 Dec.

DKKm

Note

2025

2024

SHAREHOLDERS’ EQUITY AND LIABILITIES

Share capital

1.1

Treasury shares

(0.0)

(11.8)

(0.0)

Value adjustments of currency hedging

(0.1)

0.2

0.1

Retained earnings

593.7

576.7

557.0

Proposed dividend for the financial year

0.0

31.3

Total shareholders’ equity

594.7

566.2

589.5

Deferred tax

65.6

66.4

66.6

Mortgage loans

34.3

13.1

35.2

Bank loans

231.7

204.6

193.6

Lease liabilities

38.8

44.6

43.7

Other liabilities

43.0

47.0

43.0

Total non-current liabilities

413.4

375.8

382.2

Mortgage loans

1.3

16.7

1.2

Bank loans

21.1

21.9

21.8

Lease liabilities

13.9

13.1

12.3

Prepayments from customers

2.8

0.0

Trade payables

143.6

134.4

122.3

Current tax liabilities

8.7

6.1

1.4

Other liabilities

90.2

77.1

75.6

Deferred income

0.2

0.0

0.3

Total current liabilities

281.8

269.3

234.9

Total shareholders’ equity and liabilities

1,289.9

1,211.3

1,206.5

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 14 of 19

Change in consolidated shareholders’ equity

Share

capital

Treas-

ury

shares

Value

adjust-

ments of

cash flow

hedges

after tax

Re-

tained

earnings

Pro-

posed

dividend

Total

DKKm

Opening balance, 1 January

2024

1.1

(12.1)

(0.9)

541.6

0.0

529.7

Net profit for the period

0.0

34.7

0.0

34.7

Other comprehensive income for

the period

0.0

1.2

0.0

1.2

Total comprehensive income for

the period

0.0

1.2

34.7

0.0

35.9

Adjustment, cash flow hedges

0.0

(0.1)

0.1

0.0

Share-based incentive programme

0.0

0.7

0.0

0.7

Transfer, exercised share based

payment

0.0

0.3

0.0

(0.3)

0.0

Closing balance, 30 September

2024

1.1

(11.8)

0.2

576.7

0.0

566.3

Opening balance, 1 January

2025

1.1

(0.0)

0.1

557.0

31.3

589.5

Net profit for the period

0.0

43.9

0.0

43.9

Other comprehensive income for

the period

0.0

(0.2)

0.0

(0.2)

Total comprehensive income for

the period

0.0

(0.2)

43.9

0.0

43.8

Dividend paid

0.0

(31.0)

Adjustment, dividend

0.0

0.3

(0.3)

0.0

Share-based incentive programme

0.0

0.7

0.0

0.7

Purchase of treasury shares

0.0

(0.0)

0.0

(8.3)

0.0

(8.3)

Transfer, exercised share based

payment

0.0

(0.0)

0.0

Closing balance, 30 September

2025

1.1

(0.0)

(0.1)

593.7

0.0

594.7

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 15 of 19

Consolidated cash flow statement

Q3

9 months

DKKm

Note 2025

2024

2025

2024

Operating activities

Operating profit

16.6

16.7

67.4

60.5

Depreciation and amortisation

8.8

9.2

26.6

Other non-cash operating items

0.2

0.7

Income tax paid

0.0

(5.6)

(6.1)

Change in net working capital

(20.3)

(12.6)

(21.9)

(15.0)

Cash flow from operating activities

5.3

13.6

67.2

66.7

Investing activities

Investments in fixed assets

(7.9)

(7.6)

(41.5)

(26.9)

Sale of fixed assets

0.0

0.2

0.1

Acquisition of entities, net

3

(0.8)

0.0

(2.7)

0.0

Dividends from associates

6.8

0.0

6.8

4.5

Cash flow from investing activities

(1.9)

(7.6)

(37.2)

(22.3)

Financing activities

Interest paid

(4.7)

(5.6)

(14.4)

(18.3)

Proceeds from loans

19.1

18.1

37.1

21.4

Repayments of loans

(0.3)

(7.7)

(0.9)

(29.0)

Repayments of lease liabilities

(1.9)

(1.5)

(5.6)

(4.4)

Purchase of treasury shares

0.0

(8.3)

0.0

Dividend paid

0.0

(31.0)

0.0

Cash flow from financing activities

12.2

3.3

(23.1)

(30.3)

Cash flow for the period

15.6

9.3

6.9

14.1

Cash and cash equivalents at the

beginning of the period

20.5

17.5

29.1

13.3

Cash flow for the period

15.6

9.3

6.9

14.1

Exchange rate differences in cash and cash equivalents

0.2

(0.5)

0.3

(1.1)

Cash and cash equivalents at the end of the period

36.3

26.3

36.3

26.3

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 16 of 19

Notes to the consolidated interim financial statements

1. Accounting policies

This interim report has been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the

EU and Danish disclosure requirements for listed companies. TCM Group has applied the same accounting policies

in this interim report as have been applied in the consolidated financial statements for 2024 prepared in accordance

with IFRS. Reference is made to note 1 to the consolidated financial statements for accounting policies and to

pages 52-56 and 75 for definitions of key figures and ratios.

Impact of new IFRS standards

TCM Group A/S has implemented the latest International Financial Reporting Standards (IFRS) and amendments

effective as of 1 January 2025 as adopted by the European Union.

Implementation of the standards and amendments has not had any material impact on the Group’s financial state-

ments and is likewise not expected to have any significant future impact.

2. Revenue and segment information

The Group’s business activities are managed within a single operating segment, which is producing and selling

kitchens, bathrooms and storage. The Group’s Management monitors the operating segment’s results to evaluate

it and to allocate resources.

Q3

9 months

Revenue by region, DKKm

2025

2024

2025

2024

Denmark

235.4

227.5

756.8

725.3

Norway

50.6

47.3

181.0

168.0

Other countries

2.9

8.3

9.1

288.9

277.7

946.1

902.4

Revenue by category, DKKm

2025

2024

2025

2024

Revenue, core business

214.7

205.0

718.2

680.2

Revenue, third-party

74.2

72.7

227.9

222.2

288.9

277.7

946.0

902.4

Revenue consists of sales of goods and services.

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 17 of 19

3. Acquisition of operations (business combinations)

2025: Acquisition of Svane Køkkenet retail stores in Aalborg and Hjørring

On 1 January 2025, TCM Group acquired the Svane Køkkenet retail stores in Aalborg and Hjørring. The purchase

price amounted to DKK 1.9 million, which accordingly to the preliminary PPA corresponded to the fair value of

the acquired assets. Based on this, no significant goodwill has been identified.

2025: Acquisition of AUBO retail store in Esbjerg

On 1 September 2025, TCM Group acquired the AUBO retail store in Esbjerg. The purchase price amounted to

DKK 0.5 million, which accordingly to the preliminary PPA corresponded to the fair value of the acquired assets.

Based on this, no significant goodwill has been identified.

2025: Acquisition of Nettoline retail store in Kolding

On 1 September 2025, TCM Group acquired the Nettoline retail store in Kolding. The purchase price amounted

to DKK 0.3 million, which accordingly to the preliminary PPA corresponded to the fair value of the acquired

assets. Based on this, no significant goodwill has been identified.

4. Related party transactions

Except for remuneration of senior executives and the Board of Directors, there were no transactions with related

parties.

5. Events after the reporting period

On 10 November 2025, TCM Group agreed on the final purchase price with the seller for the remaining 55% of shares

in Celebert ApS. The agreed purchase price amounts to DKK 80 million. The transaction was approved by the Danish

competition authorities on 19 November 2025 and expect to close 25 November 2025.

Besides from the above, no events of importance to the consolidated interim financial statements have occurred after

the reporting period.

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 18 of 19

Statement by the Board of Directors and Executive Management

The Board of Directors and Executive Management have today considered and adopted the interim report of TCM

Group A/S for the period 1 January 2025 – 30 September 2025.

The interim report, which has neither been audited nor reviewed by the company’s auditors, has been prepared in

accordance with IAS 34

“Interim Financial Reporting” as adopted by the EU and Danish disclosure requirements

for listed companies.

In our opinion, the interim report gives a true and fair view of the Group’s assets and liabilities and financial

position at 30 September 2025 and of the results of the Group’s operations and cash flows for the period 1 January

to 30 September 2025.

Furthermore, in our opinion, the Management’s review includes a fair review of the development and performance

of the business, the results for the period and of the Group’s financial position in general and describes the principal

risks and uncertainties that it faces.

Tvis, 25 November 2025

Executive Management

Torben Paulin Jan Boendorf Madsen

CEO CFO

Board of Directors

Anders Tormod Skole-Sørensen Søren Mygind Eskildsen

Chair Deputy Chair

Pernille Wendel Mehl Jan Amtoft

Erika Hummel Björn Johan Olsson Lissner

TCM Group A/S, Skautrupvej 16, 7500 Holstebro, Company reg. (CVR) no.: 37291269 Page 19 of 19

Supplementary financial disclosures

Quarterly overview

DKK million

Q3

2024

Q4

2024

Q1

2025

Q2

2025

Q3

2025

Income statement

Revenue

277.7

301.4

308.1

349.1

288.9

Gross profit

56.3

67.8

64.9

82.7

61.8

Earnings before interest, tax, depreciation and

amortisation (EBITDA)

26.0

38.8

25.9

42.6

25.4

Adjusted EBITDA

26.0

38.8

25.9

42.6

25.4

Earnings before interest, tax and amortisation

(EBITA)

18.8

32.2

19.6

36.1

19.1

Adjusted EBIT

16.7

29.8

17.1

33.6

16.6

Operating profit (EBIT)

16.7

29.8

17.1

33.6

16.6

Financial items

(6.9)

(5.0)

(3.4)

(5.8)

(4.4)

Profit before tax

11.0

26.2

15.1

28.5

12.3

Net profit for the period

8.8

23.0

12.1

22.3

9.6

Balance sheet

Total assets

1,211.3

1,206.5

1,262.4

1,275.1

1,289.9

Net working capital

0.6

(14.3)

(3.7)

(9.3)

7.7

Net interest-bearing debt (NIBD)

329.4

316.2

332.2

343.3

348.9

Equity

566.2

589.5

592.8

585.6

594.7

Cash flow

Free cash flow excl. acquisition of entities

6.0

14.5

(3.7)

32.1

4.2

Margins

Gross margin, %

20.3%

22.5%

21.1%

23.7%

21.4%

Adjusted EBITDA margin, %

9.4%

12.9%

8.4%

12.2%

8.8%

Adjusted EBIT margin, %

6.0%

9.9%

5.6%

9.6%

5.8%

EBIT margin, %

6.0%

9.9%

5.6%

9.6%

5.8%

Other ratios

Solvency ratio, %

46.7%

48.9%

47.0%

45.9%

46.1%